Included in the results of la coipa is its 65

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Unformatted text preview: of ore mined increased by 40% compared with 2011 due to mine sequencing. Tonnes of ore processed were higher by 27% compared with 2011, primarily due to planned reliance on stockpiled ore, which led to grade and recovery variances. Gold equivalent ounces produced in 2012 were in line with 2011, primarily due to an increase in tonnes processed and higher gold grades, offset largely by lower silver grades and recoveries, and a less favourable gold equivalent ratio. Gold equivalent ounces sold decreased by 8% compared with 2011, largely due to the timing of shipments in 2011. In 2011, gold equivalent ounces sold exceeded production as shipments produced in 2010 were sold during 2011. Metal sales were 15% higher compared with 2011 due to an increase in metal prices realized, partially offset by a decrease in gold equivalent ounces sold. In addition, during 2011, metal prices realized were lower due to the impact of the Company’s silver hedges related to production at the Puren deposit. No such contracts existed during 2012. Production cost of sales increased by 16%, largely due to lower silver grades and recoveries, higher input costs relating to maintenance, labour and power, partially offset by the decline in gold equivalent ounces sold. Depreciation, depletion and amortization increased by 74% compared with 2011, primarily due to a decline in mineral reserves at December 31, 2011 and an increase in the depreciable asset base, partially offset by a decrease in the gold equivalent ounces sold. KINROSS GOLD 2012 ANNUAL REPORT MDA25 Maricunga (100% ownership and operator) – Chile Years ended December 31, 2 012 2011 Change % Change (b) (a) Operating Statistics Tonnes ore mined (000's) Tonnes processed (000's) Grade (grams/tonne) Gold equivalent ounces: Produced Sold Financial Data (in millions) Metal sales Production cost of sales Depreciation, depletion and amortization Exploration and business development Other Segment operating earnings (a) (b) 1 8,412 15,193 0.64 $ 3 ,018 (65) (0.18) 236,369 237,294 $ 1 5,394 1 5,258 0 .82 2 36,249 2 30,828 1 20 6 ,466 395.0 1...
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This document was uploaded on 03/30/2014.

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